Buy now, pay later platform Affirm is about to go toe-to-toe with a standard bearer in the payments space: the good old-fashioned debit card.
The company told investors at an event this week it’s moving closer to a broad rollout of its new debit card, which will allow for installment payments.
“It’s a card that works with your existing checking account. You don’t have to switch your banking relationship. You get the new card from us, swipe it and use it the way you normally would. You get a notification if the transaction is splitable,” explained Affirm founder and CEO Max Levchin on Yahoo Finance Live.
Levchin — a co-founder of PayPal —said the waitlist for the product is close to 1 million. It will begin rolling out more broadly starting in 2022.
Suffice it to say, the Street is jazzed up by what the new debit card will mean to Affirm’s top and bottom lines.